Core Viewpoint - The company announced that its subsidiary, Aojia Software, has obtained NVIDIA NCP (NVIDIA CLOUD PARTNER) certification, indicating its capability and qualifications for collaboration in AI computing power leasing and cloud computing services [2] Group 1 - Aojia Software has received a high-level certification from NVIDIA, which signifies its qualifications for partnership in AI computing and cloud services [2] - The collaboration is based on the complementary advantages of both parties in specific business directions, aimed at enhancing technical service capabilities and the completeness of customer solutions [2]

计算机行业动态报告 RWA 的资产上链新拼图：AI 算力租赁 2025 年 06 月 20 日 ➢ RWA 作为架构真实世界资产和 web3.0 的沟通桥梁，承担了 web2.0 向 web3.0 的融资通道功能。RWA 通过区块链技术，将现实中的有形或无形资产 转化为链上数字通证，在 web3.0 世界创造了 web2.0 现实资产的映射，使加密 货币的持有者能够完成对固定收益产品的投资，实现资产多元化和风险分担。 ➢ 从传统金融资产到不动产再到实体经济资产，RWA 链上资产路径持续延伸。 2014 年，USDT 等锚定法定货币的稳定币诞生，成为最早的 RWA 形式，解决了 加密市场的波动性问题。此后，RWA 资产范畴不断向证券、不动产、现实资产 扩展，贝莱德、花旗、摩根大通等国际金融巨头也积极参与 RWA 项目，推动多 元资产上链。以蚂蚁数科和朗新集团的新能源实体资产 RWA 项目为代表，中国 内地 RWA 聚焦实体资产，通过"区块链+物联网"的创新路径，实现链上交易。 ➢ 从充电桩到光伏电站，算力租赁或将成为 RWA 资产链条的下一站。无论是 海外如 Ondo 锚定美国国债，亦或是国内蚂蚁数科和协鑫能科 ...

Core Insights - R&D investment has become a key driver for innovation and development among A-share listed companies, with 2886 companies reporting year-on-year growth in R&D spending, representing nearly 60% of the total [1] - The ChiNext board shows the highest R&D conversion efficiency, while the main board has increased its R&D investment in recent years [1] R&D Investment by Board - The Sci-Tech Innovation Board leads in R&D expense ratio, reaching 10.83% in 2024, up 0.79 percentage points from 2022, aligning with its focus on "hard technology" sectors [3] - The ChiNext board's R&D expense ratio is steadily increasing, reaching 4.81% in 2024, with a five-year revenue growth rate of 79.86% and profit growth of 45.51%, indicating high R&D conversion efficiency [3][4] - The main board's R&D expense ratio is relatively low at 1.9% in 2024, with a five-year revenue growth rate of 27.26% and profit growth of 22.27%, reflecting a more stable but less explosive performance compared to emerging industries [4] Industry-Specific R&D Insights - The computer industry has the highest R&D investment, with an expense ratio of 9.06%, but faces significant profit declines, indicating a "revenue without profit" scenario due to high costs associated with AI technology [5][8] - The top five industries by R&D expense ratio include SW Computer (9.06%), SW Defense Industry (5.97%), SW Electronics (5.56%), SW Machinery (5.35%), and SW Pharmaceutical Biology (5.02%), all showing high revenue growth but facing short-term profit pressures [7][8] - AI-related companies are experiencing a "revenue without profit" dilemma, with rising costs in hardware and talent, leading to significant profit declines despite revenue growth [9] Long-term Outlook - The short-term profit challenges in the computer industry are seen as necessary costs for the AI technology revolution, with expectations for margin recovery as the ecosystem matures and enterprise-level AI adoption increases by 2025 [9]